SME Times is powered by   
Search News
Just in:   • Tourism growth and its inter-linkages  • Rate cut positive step, H2 growth likely to be better: Rajiv Kumar  • Exports decline in September  • Start-ups soon be able to sell products on GeM portal   • Conventional markets hit by e-commerce companies 
Last updated: 09 Oct, 2019  

BSE.9.Thmb.jpg Sensex jumps 646 pts, Nifty 186 pts

   Top Stories
» Start-ups soon be able to sell products on GeM portal
» US India strategic forum calls on PM Modi
» Govt committed to bolstering border infrastructure: Rajnath
» Indo-US trade negotiations on right track: Goyal
» Trade wars, protectionism impacting global trade, investment: FM
SME Times News Bureau | 09 Oct, 2019

The Indian equity market broke its six day losing streak on Wednesday, shrugging off from tepid global markets. The Sensex surged 646 points while the Nifty closed above the 11,300 point mark.

Banking stocks gained the most on the exchanges. IndusInd Bank, State Bank of India, ICICI Bank and HDFC Bank closed with strong gains ranging between 3 to 6 per cent. The Bank Nifty index jumped by 3.67 per cent.

The Sensex closed 645.97 points higher at 38,177.95 while the broader Nifty settled at 11,313.30, or 186.90 points up as the government announced a 5 per cent hike in dearness allowance (DA), that could boost festival demand.

"The gains came on the back of bargain hunting. Sentiments also turned positive after the government on Wednesday hiked the dearness allowance (DA) by 5 per cent from 12 per cent to 17 per cent entailing an outgo of Rs 16,000 crore," said Deepak Jasani of HDFC Securities.

Meanwhile, Yes Bank settled 5.26 per cent lower at Rs 43.20 apeice after the company said it was " not aware of the source", which resulted in reports of stake acquisition by Microsoft. The bank added it is in the usual and ordinary course of its business continues to explore various means of raising capital.

Globally, most emerging market stocks were headed lower for a third day on Wednesday, as the US and China showed little signs of resolving their trade dispute ahead of a crucial round of negotiations.

Analysts further said that the result season, set to begin on Thursday will dictate the market direction.

Print the Page
Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 22 Oct, 2019
  Daily Poll
Is the Union Budget 2019 MSME-friendly?
 Can't say
  Commented Stories
» TradeIndia partners with Google to promote SMEs(1)
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter